Pretivm Resources Inc. (PVG)

[silver100]

Pretium drills 1.16 m of 4,195 g/t Au at Brucejack

2012-09-07 07:43 ET - News Release

http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPVG-1994549&symbol=PVG®ion=C

Mr. Robert Quartermain reports

PRETIUM RESOURCES INC.: 4,195 GRAMS PER TONNE GOLD OVER 1.16 METERS EXTENDS VALLEY OF THE KINGS TO THE EAST

Pretium Resources Inc.'s step-out drilling has extended the zone of high-grade gold mineralization in the Valley of the Kings to the east by over 100 metres.

The bonanza-grade intercept from a downhole depth of 400.71 metres in hole SU-526 includes:


1.16 metres with uncut grades of 4,195 grams of gold per tonne (3.8 feet averaging 122.4 ounces gold per ton).

Additional high-grade intercepts from a downhole depth of 320.5 metres in hole SU-526 include:


0.5 metre with uncut grades of 150 grams of gold per tonne (1.6 feet averaging 4.4 ounces gold per ton);
0.5 metre with uncut grades of 752 grams of gold per tonne (1.6 feet averaging 21.9 ounces gold per ton).

Assays for a 440-metre section of hole SU-526 have been received. Assays for the remaining 92 metres of hole SU-526 will be reported as they are received.

Hole SU-526 was collared on Section 427000E along strike of the Valley of the Kings. The bonanza-grade gold interval from hole SU-526 was collared approximately 400 metres southeast of the bonanza-grade gold interval from hole SU-452, which intersected 41,582 grams per tonne gold uncut over 0.5 metre.

The Valley of the Kings now extends over 800 metres in strike length and is open to the east, west and at depth. An updated plan showing the current extent of the Valley of the Kings from hole SU-498 in the west to hole SU-526 in the east will be posted on the company's website.

Nine drills continue turning at Brucejack, with the 2012 Brucejack exploration program expected to be completed early in the fourth quarter.


SELECTED INTERCEPTS FROM DRILL HOLE SU-526

Hole From To Interval Gold Silver
No. (metres) (metres) (metres) (g/t) (g/t)

SU-526 320.5 339.5 19.0 18.3 11.7
320.5 339.5 19.0 24.9 11.7
320.5 321.0 0.5 150.0 90.0
332.86 333.36 0.5 752.0 290.0
400.71 401.87 1.16 4,195 2,405



Assay results for completed drilling will be reported as they are received over the course of the 2012 drilling season.

Feasibility study and underground program update

Feasibility study

The February, 2012, preliminary economic assessment examining the economics of the high-grade gold and silver resources at the Brucejack project (see news release dated Feb. 22, 2012) contemplated the production of gravity and flotation concentrates, which were then refined to produce gold-silver dore. In advancing the feasibility study, a trade-off study has been completed examining the benefits of selling the flotation concentrate to third parties rather than refining the concentrate to produce dore on-site. Based on the results of the trade-off study, the decision has been made to advance the feasibility study on the basis that the flotation concentrate will be sold to third parties rather than refined to produce dore on-site. With the completion of the September, 2012, Brucejack interim high-grade mineral resource estimate, the feasibility study is now expected to be completed in the second quarter of 2013.

Underground program

The underground program is designed, among other things, to access the Valley of the Kings deposit on the 1,270-metre elevation and demonstrate continuity of the high-grade gold mineralization. The first phase of the underground program, now well under way, will be to slash out the existing West zone underground workings to five by five metres down to the 1,330-metre level, a distance of approximately 500 metres. The next phase will be to advance the decline from the 1,314-metre level of the West zone to the 1,270-metre level in the Valley of the Kings, a distance of approximately 450 metres. A 10,000-tonne underground bulk sample is expected to be excavated from the 1,270-metre level of the Valley of the Kings in the first half of 2013.

Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the qualified person (QP) responsible for the Brucejack project exploration program. Ian I. Chang, MASc, PEng, vice-president, project development, Pretium Resources, is the qualified person (QP) responsible for Brucejack project development.

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